Idec's shares jump as biotech sector extends gains

TedGriffith

Biotechnology stocks rose for the third straight session Thursday, with shares of Idec Pharmaceuticals up sharply amid optimism about sales of the company's flagship anti-cancer drug. The Amex Biotechnology Index
BTK, -1.79%
closed up 1.8 percent. Shares of Idec Pharmaceuticals
idph
jumped $2.12, or 6 percent, to $37.26. Analyst Michael King at Banc of America said in a note to clients that Idec's first-quarter earnings are likely to benefit from "strong" sales of the company's anti-cancer drug, Rituxan.

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